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General Growth Drops 42%, AMR Plunges 25%
Oct 07, 11:32 PM ET |
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| Real estate investment trusts plunged on the worries that tight credit conditions may force some companies to bankruptcies. General Growth Properties dropped 42% and Simon Property fell 10%. Bank of America sank 26% after it cut its dividend. Airlines plunged on aircraft financing worries. |
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Dow, S&P Down 5%; Nasdaq Drops 6%
Oct 07, 10:10 PM ET |
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| For the first time in the year all thirty stocks in Dow Jones Industrial Average dropped two days in a row. Record number of stocks in S&P 500 index closed down, 400 stocks fell more than 3% and 74 stocks fell more than 10%. The Fed acts to provide liquidity in short term loan market. |
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UK Mulls £30 Billion Bank Recapitalization
Oct 07, 10:12 PM ET |
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| UK stocks gained a fraction after dropping the most in a single day in the previous session in seven years. The UK government is at advanced stages of discussion to pump between £30 billion and £40 billion in three of its largest banks; Royal Bank of Scotland, Barclays and Lloyds TSB. |
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RBA Lowers Rate to 6%
Oct 07, 3:22 PM ET |
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| The Reserve Bank of Australia lowered its key lending rate by 100 basis points to 6%. The larger than anticipated cut was prompted by tight lending conditions in the global markets. Stocks rallied on the rate decision. Mining and energy stocks rallied but gains were trimmed in late trading. |
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Record Weakness in Rupee, Nano in Gujarat
Oct 07, 12:49 PM ET |
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| Early rally in Mumbai trading faltered despite Sebi lifting the ban on P-note transactions and the RBI lowering cash reserves ratios by 0.5%. Tata Motors agreed to relocate its Nano manufacturing plant to Gujarat. Rupee dropped to another low. Infosys drops to a 2-year and TCS falls to 3-year lows. |
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Yen 3-year High; Japan Stocks Fall 3%
Oct 07, 5:52 PM ET |
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| The Bank of Japan left its key lending rate at 0.5% and cautioned that commodities prices are likely to drop but inflation is expected to remain near 2.5%. Japanese yen edged lower but traded near three-year high against euro and dollar. |
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Fed, Lender in Commercial Paper Market
Oct 07, 10:21 AM ET |
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| The Fed set up a special fund to purchase high quality short term loans in the commercial paper market. The move is likely to improve liquidity and restore confidence in the short term loan market that has faced historic volatility and near seizure in the last few weeks. |
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UK: Largest One-day Loss in 7 Years
Oct 07, 1:46 AM ET |
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| Stocks nosedive in London trading. The UK benchmark index drops the most in one-day in last seven years. Mining, financials and energy related stocks declined between 10% and 15%. The Bank of England plans to offer £40 billion. Royal Bank of Scotland drops 21% and Xstrata dive 19%. |
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Allianz Stake in Hartford, ArcelorMittal Plunges
Oct 07, 1:44 AM ET |
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| Hartford Financial receives capital infusion from Allianz SE. MetLife, Prduential and Principal Financial Group dive. Metals and mining companies fall sharply. American Express, Visa and MasterCard drop. eBay cuts 1,600 staff and takes a charge. Gannett Drops to a new low. |
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